Stocks Surge After French Election; Biden Defies Calls to Quit

Bloomberg Audio Studios, Podcasts, radio news. 0:00:10.000 --> 0:00:10.559 Good morning. 0:00:10.600 --> 0:00:13.440 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:13.480 --> 0:00:14.920 stories we're following today. 0:00:15.200 --> 0:00:17.840 Karen, we're seeing big moves in the French stock market 0:00:17.840 --> 0:00:21.200 this morning following the first round of Francis parliamentary election. 0:00:21.600 --> 0:00:24.920 The country's main stock index, the CAC, is up about 0:00:24.920 --> 0:00:28.000 one point four percent, while the euro is stronger against 0:00:28.000 --> 0:00:31.040 the dollar at one point zero seven sixty eight. Although 0:00:31.120 --> 0:00:34.000 Marine Lapin's far right party one and secured more than 0:00:34.040 --> 0:00:36.680 thirty three percent of the vote, there is speculation that 0:00:36.760 --> 0:00:39.840 La Pem will struggle to win an outright majority in 0:00:39.920 --> 0:00:43.720 French elections. That is easing investor concerns that the region's 0:00:43.720 --> 0:00:47.240 second largest economy was headed for a more radical policy shift. 0:00:47.560 --> 0:00:51.159 Marine Lapen emphasized the importance of the election's high turnout. 0:00:51.680 --> 0:00:55.040 De the French people have placed the National Rally and 0:00:55.080 --> 0:00:58.320 its allies in the lead and virtually wiped out the 0:00:58.400 --> 0:01:02.560 Machronus Bloc. First of all, as a political leader, I 0:01:02.720 --> 0:01:06.720 welcome such a high turnout, which gives particular force to 0:01:06.720 --> 0:01:10.600 tonight's results. 0:01:09.240 --> 0:01:12.200 The National Rallies. Marine Lapan spoke there through an interpreter. 0:01:12.440 --> 0:01:15.640 The left wing New Popular Front got twenty eight percent 0:01:15.680 --> 0:01:19.720 of the vote, while French President Emmanuel mccron's centrist coalition 0:01:19.840 --> 0:01:21.880 received just under twenty one percent. 0:01:22.640 --> 0:01:25.479 Well, Nathan, The UK election is only three days away. 0:01:25.680 --> 0:01:29.440 Labor leader Keir Starmer has told Bloomberg that global investors 0:01:29.520 --> 0:01:32.280 back him to create growth in the UK, and Starmers 0:01:32.280 --> 0:01:34.080 spoke to Bloomberg's Ellen Milligan. 0:01:34.560 --> 0:01:37.840 Growth is the number one mission. My confidence that we 0:01:38.040 --> 0:01:41.240 can get growth. We have already, as you would expect, 0:01:41.360 --> 0:01:44.760 been talking to global investors for two years or more 0:01:45.400 --> 0:01:48.560 and been very clear with them and they with us 0:01:48.560 --> 0:01:51.200 as to one of the conditions that will enable them 0:01:51.200 --> 0:01:53.240 to invest. At the moment, many are saying we've got 0:01:53.240 --> 0:01:56.040 the money to invest, but we're not investing because the chaos, 0:01:56.080 --> 0:01:59.080 the chopping, the changing, the difference of prime ministers and chances. 0:01:59.520 --> 0:02:02.600 That's why stability is so important. 0:02:03.640 --> 0:02:06.960 Kiir Starmer's opponent, Prime Minister Rieschi Suonak, says he can 0:02:07.000 --> 0:02:09.520 still win the election in spite of Paul suggesting a 0:02:09.520 --> 0:02:13.080 mammoth gap in popularity to Labor. The Conservative leader warned 0:02:13.240 --> 0:02:16.679 the opposition party would cause irreversible damage in just one 0:02:16.760 --> 0:02:19.800 hundred days of coming to power. Sunak told the BBC 0:02:20.000 --> 0:02:23.600 his government has tackled record high inflation, and electing kir Starmer, 0:02:23.639 --> 0:02:25.040 he says, would put that at risk. 0:02:25.400 --> 0:02:27.880 And I do think it is about tax because people 0:02:28.160 --> 0:02:30.440 are working very, very hard, and I want them to 0:02:30.440 --> 0:02:32.200 be able to keep more of their money so that 0:02:32.240 --> 0:02:34.239 they can spend that on their families in the way 0:02:34.240 --> 0:02:36.359 that they won. And we've now been able to start 0:02:36.360 --> 0:02:38.720 doing that after a difficult few years. And none of 0:02:38.720 --> 0:02:42.160 those things are going to be made any easier by 0:02:42.280 --> 0:02:45.000 Labor government that would whack up everyone's taxes by thousands 0:02:45.040 --> 0:02:45.640 of pounds. 0:02:46.200 --> 0:02:48.799 Richie Sunak and the Conservatives have claimed Labor would raise 0:02:48.840 --> 0:02:51.880 taxes for all Britons, despite pledges to the contrary. 0:02:52.480 --> 0:02:56.320 Well, turning now to US politics, Nathan President Biden's disaster 0:02:56.440 --> 0:02:59.680 as debate performance so last week hands him undergrowing pressure 0:02:59.720 --> 0:03:02.640 to rop out of the race, but the Boding campaign 0:03:02.800 --> 0:03:04.720 is going on a tag mode and some of his 0:03:04.800 --> 0:03:09.160 closest supporters are standing behind him. Congressman Jim Clyburn admits 0:03:09.200 --> 0:03:11.679 that the President had a bad debate night, but he 0:03:11.840 --> 0:03:13.600 chalks it up to over preparation. 0:03:14.280 --> 0:03:17.839 I have not talked to the President since Friday, and 0:03:18.600 --> 0:03:21.200 if he asked my opinion, I would give it as 0:03:21.200 --> 0:03:24.840 I always do, and that is very clearly he should 0:03:24.880 --> 0:03:26.080 stay in this race. 0:03:26.919 --> 0:03:30.200 And Congressman Clyburn is credited with helping turn the president's 0:03:30.200 --> 0:03:33.400 twenty twenty campaign around. He spoke on CNN State of 0:03:33.480 --> 0:03:36.520 the Union. A CBS News poll taken after the debate 0:03:36.600 --> 0:03:39.400 shows just twenty seven percent think the president has the 0:03:39.480 --> 0:03:43.200 mental and cognitive health to serve another four years Marilyn 0:03:43.320 --> 0:03:46.600 Governor Wess More reacted on CBS's Face the Nation. 0:03:47.240 --> 0:03:50.560 I get it the arguments about age and the complications 0:03:50.560 --> 0:03:53.640 of eighty one, but the number eighty one is an 0:03:53.640 --> 0:03:57.080 important number, but so is watching historically low unemployment rates. 0:03:57.080 --> 0:03:58.800 And I do not think that people should lose. 0:03:58.680 --> 0:04:01.960 Sight of that, Governor Wes Moore and CBS has faced 0:04:01.960 --> 0:04:04.240 the nation. The show can be heard as Sundays on 0:04:04.280 --> 0:04:08.000 Bloomberg Radio. But after the president's a difficult performance, another 0:04:08.040 --> 0:04:12.760 Maryland Democrat, Congressman Jamie Raskin, said serious conversations are happening 0:04:12.920 --> 0:04:15.280 about whether Biden should be their nominee. 0:04:15.520 --> 0:04:18.159 Well elsewhere in Washington, Karen, the Supreme Court is set 0:04:18.200 --> 0:04:21.200 to issue the final opinions of its term today and 0:04:21.240 --> 0:04:25.520 that includes the question of presidential immunity. Bloomberg's Amy Morris 0:04:25.520 --> 0:04:26.720 reports from Washington. 0:04:27.160 --> 0:04:30.320 The justices will rule on whether former President Donald Trump 0:04:30.400 --> 0:04:33.920 is immune from criminal prosecution in the election interference case 0:04:33.960 --> 0:04:37.240 against him. It's about two months after hearing those arguments. 0:04:37.400 --> 0:04:40.680 The Supreme Court has ruled before that former presidents can't 0:04:40.680 --> 0:04:43.440 be sued in civil cases for what they did in office, 0:04:43.480 --> 0:04:46.880 but it's never weighed on criminal immunity. Even if the 0:04:46.880 --> 0:04:49.840 court decides he's not immune, Trump's trial in Washington, d 0:04:49.960 --> 0:04:53.200 C might not take place before the November election. The 0:04:53.320 --> 0:04:55.760 last of the Supreme Court opinions are scheduled to be 0:04:55.839 --> 0:04:59.400 released at ten this morning. Amy Morris, Bloomberg Radio. 0:05:00.000 --> 0:05:02.480 Thank you, staying in Washington. And Justice Department intends to 0:05:02.560 --> 0:05:05.120 charge Boeing with fraud, and we again more from Bloomberg's 0:05:05.120 --> 0:05:05.960 Doug Prisner. 0:05:06.160 --> 0:05:09.160 The company will have to choose between pleading guilty or 0:05:09.200 --> 0:05:11.920 going to trial. We're told Boeing will have until the 0:05:12.000 --> 0:05:14.279 end of the week to decide. The company will also 0:05:14.320 --> 0:05:17.480 have to pay a fine and have a corporate monitor now. 0:05:17.520 --> 0:05:20.640 The DOJ revealed its intentions on Sunday during a meeting 0:05:20.680 --> 0:05:24.080 with families of victims of two fatal seven thirty seven 0:05:24.120 --> 0:05:27.920 Max crashes. The DOJ has said Boeing violated and agreement 0:05:28.000 --> 0:05:30.840 struck in the last days of the Trump administration. It 0:05:30.920 --> 0:05:35.760 allowed the company to avoid prosecution if it met certain conditions. Then, 0:05:35.800 --> 0:05:39.240 in January, a fuselage panel blew out of a Boeing jet, 0:05:39.440 --> 0:05:41.800 and in May, the DOJ found the company failed to 0:05:41.839 --> 0:05:45.719 adopt a required program to prevent and detect violation of 0:05:45.839 --> 0:05:46.840 US fraud laws. 0:05:47.200 --> 0:05:47.720 In New York. 0:05:47.760 --> 0:05:49.200 I'm Doug Prisner, Bloomberg Radio. 0:05:49.279 --> 0:05:50.880 All right, Doug, thank you, and Boeing it is in 0:05:50.920 --> 0:05:53.400 the spotlight. On another front, it has finally reached an 0:05:53.440 --> 0:05:56.719 agreement to buy back Spirit Aero Systems or the price 0:05:56.800 --> 0:05:59.480 tack of thirty seven dollars twenty five cents per share 0:05:59.520 --> 0:06:02.400 in an all stock deal that values the supplier at 0:06:02.440 --> 0:06:06.279 four point seven billion dollars. The total transaction value is 0:06:06.320 --> 0:06:10.159 about eight point three billion, including Spirit's last reported net debt. 0:06:10.600 --> 0:06:13.320 Boeing is taking back full control of Spirit after an 0:06:13.360 --> 0:06:16.440 accident in January on board of seven thirty seven Max 0:06:16.520 --> 0:06:20.719 nine airliner revealed quality and manufacturing shortcomings at both Boeing 0:06:21.120 --> 0:06:24.440 and its most supportant supplier, leading to a rethinking of 0:06:24.520 --> 0:06:27.200 their Relationship and checking. Shares of Boeing in the pre 0:06:27.279 --> 0:06:31.000 market there down about one percent. Spirit Aerosystems is up 0:06:31.160 --> 0:06:32.840 eight percent in early trading. 0:06:36.160 --> 0:06:37.480 But it's time now for a look at some of 0:06:37.480 --> 0:06:39.480 the other stories making news in New York and around 0:06:39.520 --> 0:06:42.200 the world. For that, we're joined by Bloomberg's Michael Barr. Michael, 0:06:42.200 --> 0:06:43.679 good morning, Good morning Karen. 0:06:43.800 --> 0:06:47.560 Hurricane Barrel is closing in on the Southeastern Caribbean and 0:06:47.720 --> 0:06:51.719 government officials are pleading with people to take shelter. Hurricane 0:06:51.720 --> 0:06:55.080 warnings are in effect for Barbados, Saint Lucia and other 0:06:55.120 --> 0:06:58.960 islands as Barrel churns in the Atlantic. Richard Pash is 0:06:59.000 --> 0:07:02.039 a senior hurricane specialists at the National Hurricane Center. 0:07:02.400 --> 0:07:05.279 Barrel is a very dangerous Category four hurricane and it 0:07:05.400 --> 0:07:08.359 is approaching the Windward Islands, which are the islands of 0:07:08.360 --> 0:07:12.360 the Southeastern Caribbean Sea. It's got maximum sustained winds near 0:07:12.360 --> 0:07:13.680 one hundred and thirty miles per hour. 0:07:14.120 --> 0:07:19.280 Prime Minister Ralph Gunsalves is the hurricane specialists that's saying 0:07:19.320 --> 0:07:20.680 that this is no joke. 0:07:21.080 --> 0:07:23.320 You have to look out for the children, you have 0:07:23.440 --> 0:07:25.960 to look out for the old people. 0:07:27.000 --> 0:07:29.920 Residents have been boarding up windows ahead of the hurricane. 0:07:30.040 --> 0:07:33.600 A drone attack by Hesbalah militants on Sunday injured eighteen 0:07:33.760 --> 0:07:38.200 Israeli soldiers, one of them seriously, according to Israel's military. 0:07:38.680 --> 0:07:41.920 The assault in the northern Golan Heights came as Israel 0:07:42.040 --> 0:07:46.200 and Hesbela, based in Lebanon, moved closer to a full 0:07:46.320 --> 0:07:49.600 scale war after trading fires since the start of the 0:07:49.680 --> 0:07:53.200 Israel Hamas War. In October, police in Utica, New York, 0:07:53.280 --> 0:07:57.160 released body camera footage of one of their officers involved 0:07:57.160 --> 0:07:59.360 in the fatal shooting of a thirteen year old boy, 0:08:00.160 --> 0:08:03.160 Yen and Y had been tackled to the ground after 0:08:03.200 --> 0:08:06.360 he ran from police and pointed a replica handgun at 0:08:06.400 --> 0:08:12.920 them during the incident over the weekend. The footage was 0:08:13.000 --> 0:08:17.040 released in what Utica Police Department officials called a commitment 0:08:17.080 --> 0:08:21.440 to transparency to the community. As the state's investigation into 0:08:21.440 --> 0:08:24.960 the shooting gets underway, Chief Mark Williams was asked by 0:08:25.040 --> 0:08:28.320 reporters why an officer would use this level of physical 0:08:28.360 --> 0:08:29.520 force with a suspect. 0:08:29.880 --> 0:08:32.480 You don't bring a taser to a gunfight. 0:08:33.480 --> 0:08:35.719 You had to mention what you perceived at that time. 0:08:35.840 --> 0:08:39.000 Deli physical force with the daily physical force. 0:08:39.160 --> 0:08:42.840 An officer identified as a six year veteran, Patrick Kussene, 0:08:43.160 --> 0:08:46.199 shot the eighth grader once in the chest during what 0:08:46.280 --> 0:08:50.080 the police chief described as a struggle. Pride parades were 0:08:50.120 --> 0:08:54.440 held across the country Sunday celebrating the LGBTTU community. New 0:08:54.520 --> 0:08:57.440 York City held a parade. The city just opened the 0:08:57.480 --> 0:09:01.800 Stonewall National Monument. Visitors here at the birthplace what would 0:09:01.840 --> 0:09:05.960 become the LGBTQ movement. Global News twenty four hours a 0:09:06.040 --> 0:09:08.679 day and whenever you want it with Bloomberg News Now, 0:09:08.960 --> 0:09:11.040 Michael Barn, This is Bloomberg. 0:09:10.640 --> 0:09:17.640 Karen Ray, Michael Barr, Thank you time now for the 0:09:17.640 --> 0:09:19.960 Bloomberg Sports up date with John stash Hour. 0:09:20.120 --> 0:09:22.560 John, Good morning, Good morning, Careen. July first means the 0:09:22.600 --> 0:09:25.560 start of NBA free agency and already some big moves 0:09:25.640 --> 0:09:28.200 with good news and bad. For the Los Angeles Clippers, 0:09:28.320 --> 0:09:31.320 James harden Stain put rather than go to the six 0:09:31.400 --> 0:09:33.320 different team of his career, just a two year deal. 0:09:33.320 --> 0:09:36.320 It's worth seventy million. But Paul George opted out of 0:09:36.400 --> 0:09:38.920 making forty nine million with the Clippers because he has 0:09:38.920 --> 0:09:42.280 a deal with Philadelphia where he'll make fifty eight million 0:09:42.280 --> 0:09:44.839 a year Lebron James opted out. It's almost certain he's 0:09:44.880 --> 0:09:47.440 staying with the Lakers. They, after all, just drafted his kid. 0:09:47.880 --> 0:09:49.800 He may even take less money to the Lakers can 0:09:49.840 --> 0:09:52.080 have a player, and that player might be Klay Thompson. 0:09:52.080 --> 0:09:54.880 It appears he's leaving the Warriors, the only team he's 0:09:54.920 --> 0:09:57.640 played for in his thirteen year career. Yankees and Blue 0:09:57.720 --> 0:09:59.800 Jay split the series in Toronto. Yanks won eight to one. 0:10:00.120 --> 0:10:02.040 All four games were won by at least six runs. 0:10:02.080 --> 0:10:04.880 Aaron Judges two run over first inning. He hits July 0:10:05.000 --> 0:10:08.080 with thirty one homers, eighty two RBIs and Aaron Boone 0:10:08.120 --> 0:10:11.000 aware of the only two other Yankees who have driven 0:10:11.080 --> 0:10:13.400 in that many ruins at this point in the season. 0:10:13.720 --> 0:10:16.280 He's in those conversations now all the time with Garry 0:10:16.440 --> 0:10:20.079 and Ruth and whatever superlative you can find. Like he 0:10:20.520 --> 0:10:22.560 keeps putting himself in those conversations. 0:10:22.679 --> 0:10:24.360 Arry Cole got his first win of the season at 0:10:24.400 --> 0:10:27.160 City Field. Mets trailed Houston four nothing, rallied to tie 0:10:27.280 --> 0:10:28.960 on the Brandon Nemo two and omer, and then after 0:10:29.000 --> 0:10:31.840 a long rain delay, Nemo doubled in the tiny run 0:10:31.840 --> 0:10:34.079 of the tenth, but the Astros won ten to five, 0:10:34.160 --> 0:10:37.880 with four in the eleventh off. Staten Island native matc Festa, 0:10:37.960 --> 0:10:40.280 making his Mets debut. Red Sox beat the Padres four 0:10:40.320 --> 0:10:43.160 to one. Nationals lost five nothing to Tampa Bay and 0:10:43.160 --> 0:10:45.760 that's had only three hits. Struck out sixteen times Texas 0:10:45.840 --> 0:10:49.120 last night one eleven to two In Baltimore, Rangers rookie 0:10:49.200 --> 0:10:52.960 Wyatt Langford hit for the cycle. At the Olympic Gymnastics Trials, 0:10:52.960 --> 0:10:55.480 Simone Biles won the all around. She's off to her 0:10:55.480 --> 0:10:59.760 third Olympics. Wimbledon begins today. Defending champ Carlos Alcarez will 0:10:59.800 --> 0:11:02.400 be the first to play on center court. Johns Dashaw 0:11:02.440 --> 0:11:03.800 with Bloomberg Sports. 0:11:05.480 --> 0:11:09.880 Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and. 0:11:09.880 --> 0:11:13.199 Around the world on Bloomberg dot Com and the Bloomberg 0:11:13.240 --> 0:11:13.880 Business app. 0:11:14.080 --> 0:11:16.040 This is Bloomberg Daybreak. 0:11:16.360 --> 0:11:18.960 Good morning, I'm Nathan Hager. The first round of voting 0:11:19.120 --> 0:11:22.480 is in from French President Emmanuel mccrome's Big Gamble, a 0:11:22.679 --> 0:11:27.120 snap legislative election held last night. Marine Lapin's far right 0:11:27.240 --> 0:11:31.000 National Rally is dominating, though not by as much as 0:11:31.000 --> 0:11:35.240 some polls indicated. Now Lapen's opponents are racing to prevent 0:11:35.320 --> 0:11:38.199 her party from winning an outright majority when the second 0:11:38.280 --> 0:11:41.000 round of voting happens this weekend. So for more, we're 0:11:41.080 --> 0:11:45.960 joined now by Bloomberg News correspondent Caroline kna in Paris. Caroline, 0:11:45.960 --> 0:11:50.160 good morning. So where do things stand after that first round? 0:11:51.320 --> 0:11:55.040 You know, lots will depend on what happens between today 0:11:55.120 --> 0:11:58.440 and July seventh for the second round, because there is 0:11:58.559 --> 0:12:02.959 a lot of three contests in many more than half 0:12:03.120 --> 0:12:06.520 of the French constituencies. As we were mentioning, the National 0:12:06.679 --> 0:12:10.280 Rally came first twenty three percent, but then just after 0:12:10.400 --> 0:12:13.480 you got the Alliance of the Left, the New Popular 0:12:13.520 --> 0:12:16.640 Front at twenty eight percent, and then in third position 0:12:16.840 --> 0:12:19.760 micro Parti at twenty one percent. So over the next 0:12:19.800 --> 0:12:21.880 couple of days we're going to see a lot of 0:12:22.040 --> 0:12:26.680 whole trading political bargaining to see whoever those who came 0:12:26.840 --> 0:12:30.920 third in those contests actually decide to pull some of 0:12:30.960 --> 0:12:34.200 their candidates from the second round in order to have 0:12:34.280 --> 0:12:37.520 a better chance to block the National Rally and the 0:12:37.600 --> 0:12:41.319 Far Rights from being elected and from winning this second 0:12:41.400 --> 0:12:42.120 round on Sunday. 0:12:42.559 --> 0:12:46.720 So how could that horse trading work, Carolyne? How likely 0:12:47.000 --> 0:12:52.840 are the Far Left and Macron's centrist alliance to work together. 0:12:54.440 --> 0:12:58.000 So the far left, led by Jean lucmainal Shaw, actually 0:12:58.240 --> 0:13:02.360 urged last night trade the results. All of those from 0:13:02.400 --> 0:13:06.559 the left wing who came so to withdraw their candidates 0:13:06.600 --> 0:13:10.480 in order to block the far right prevent by In 0:13:10.559 --> 0:13:15.000 Lapen and her Prime minister future prime Minister if they 0:13:15.040 --> 0:13:20.920 get the majority Jordan Dadella from winning on a Sunday. However, 0:13:21.200 --> 0:13:25.440 in Marcu's camp and in the Moderates Republicans camp, it's 0:13:25.480 --> 0:13:29.520 a little more difficult because a lot of the Moderates 0:13:29.840 --> 0:13:33.800 left wing actually have a hard time to vote for 0:13:34.080 --> 0:13:37.280 the far left, so it could be difficult for them 0:13:37.320 --> 0:13:40.960 to actually withdraw in all those constituencies. There will be 0:13:41.000 --> 0:13:43.560 some fut trating. We know by sixty and funchtime tomorrow 0:13:43.640 --> 0:13:46.640 night who actually tated each other in the second round. 0:13:46.640 --> 0:13:50.240 There are three scenarios on Sunday. One is an absolute 0:13:50.240 --> 0:13:55.160 majority for the national rally. Second scenario is a hang parliament, 0:13:55.520 --> 0:13:59.120 which means some good luck how to implement policies for 0:13:59.160 --> 0:14:02.880 the next three year, essentially a vocable scenario for the market. 0:14:03.280 --> 0:14:06.480 And the last scenario is actually that this alliance of 0:14:06.600 --> 0:14:11.360 the left wing implodes the far left gets sidelined and 0:14:11.400 --> 0:14:16.559 then maclmanages to form somehow a new fragile technocratic majority 0:14:16.880 --> 0:14:18.520 with the moderates from both sides. 0:14:18.880 --> 0:14:21.600 Oh, we've been mentioning the reaction in the market. We're 0:14:21.640 --> 0:14:24.200 seeing the CAC and Paris on the rise and the 0:14:24.240 --> 0:14:27.680 Euro strengthening. So perhaps some hope within the market that 0:14:28.160 --> 0:14:31.760 some of the more extreme outcomes might not work out. 0:14:31.840 --> 0:14:34.800 But depending on how things shake out over the next 0:14:34.840 --> 0:14:38.040 several days, Caroline, what could be the longer term impact 0:14:38.360 --> 0:14:40.560 when it comes to debt in France when it comes 0:14:40.560 --> 0:14:41.280 to the DAFICET. 0:14:42.800 --> 0:14:45.200 Yeah, I mean, clearly there is relief in the short term, 0:14:45.280 --> 0:14:48.600 but we could still see some volatility because markets are 0:14:48.600 --> 0:14:52.080 still worried about the long term impact of a national 0:14:52.160 --> 0:14:56.520 valley victory. So technically the market is rucial because the 0:14:56.600 --> 0:15:00.000 scenario of a far left in power is not very 0:15:00.200 --> 0:15:03.960 remote scenario. But even if the national value of man 0:15:04.040 --> 0:15:08.800 indepent has watered, dam It's program a lot. They only have, 0:15:09.000 --> 0:15:11.920 for example, one very cosci measure, which is to cut 0:15:12.160 --> 0:15:17.160 the sales taxes on energy. It is unclear, however, when 0:15:17.280 --> 0:15:21.359 they're going to implement their costreest measures such as increasing 0:15:21.800 --> 0:15:27.440 salaries by ten percent by lowering social contributions from employers, 0:15:27.520 --> 0:15:31.000 or perhaps lowering the retirement age from sixty four to 0:15:31.160 --> 0:15:34.760 sixty two, or even sixty years old in some cases 0:15:34.800 --> 0:15:37.680 for those who started working before the age of twenty. 0:15:38.080 --> 0:15:42.640 All these are longer term measures. Jordan Bardella has made 0:15:42.720 --> 0:15:46.720 those conditional to an audit of public finances if he 0:15:46.840 --> 0:15:49.560 becomes Prime Minister. But in any case, it is not 0:15:49.760 --> 0:15:52.880 the best timing when you see that French death is 0:15:52.880 --> 0:15:56.600 that one hundred and ten percent of GDP deficits already 0:15:56.600 --> 0:15:59.960 exceeded target at five point five side of GDP last year, 0:16:00.400 --> 0:16:05.400 and already front is under an excessive deficity procedure by 0:16:05.440 --> 0:16:05.800 the eve. 0:16:06.480 --> 0:16:09.520 This is Bloomberg Daybreak Today, your morning brief on the 0:16:09.560 --> 0:16:13.000 stories making news from Wall Street to Washington and beyond. 0:16:13.280 --> 0:16:16.040 Look for us on your podcast feed at six am 0:16:16.120 --> 0:16:19.760 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:19.840 --> 0:16:21.040 get your podcasts. 0:16:21.120 --> 0:16:23.840 You can also listen live each morning starting at five 0:16:23.880 --> 0:16:26.520 am Wall Street time on Bloomberg eleven three to zero 0:16:26.520 --> 0:16:29.320 in New York, Bloomberg ninety nine to one in Washington, 0:16:29.480 --> 0:16:32.360 Bloomberg one oh six to one in Boston, and Bloomberg 0:16:32.440 --> 0:16:34.120 ninety sixty in San Francisco. 0:16:34.480 --> 0:16:37.640 Our flagship New York station is also available on your 0:16:37.680 --> 0:16:43.120 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:16:43.160 --> 0:16:46.560 Listen coast to coast on the Bloomberg Business app, SERIUSXM, 0:16:46.680 --> 0:16:50.960 the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager. 0:16:50.720 --> 0:16:51.880 And I'm Karen Moscow. 0:16:52.080 --> 0:16:54.840 Join us again tomorrow morning for all the news you 0:16:54.960 --> 0:16:57.840 need to start your day right here on Bloomberg day 0:16:57.880 --> 0:17:07.320 Break